Since 2021 when El Salvador began validating Bitcoin blocks with volcanic energy, the Central American country has mined 474 BTC worth approximately $29.6 million at current prices.
According to a Reuters report, El Salvador mined the cryptocurrencies using a geothermal power plant fueled by the Tecapa volcano in the nation’s east central region.
El Salvador Mines 474 BTC With Volcano
The energy generated from the Tecapa volcano is relatively small, but it powers 300 mining processors installed by El Salvador’s Bitcoin-friendly President Nayib Bukele. The nation dedicated 1.5 megawatts (MW) out of the 102 MW produced by the power plant to crypto mining.
El Salvador’s volcano-powered mining plant presents a sustainable alternative to the electricity-consuming operations of other Bitcoin mining entities, which have been criticized for their negative impacts on power grids and carbon emissions.
Adding the 474 BTC mined since 2021 to the number of bitcoins El Salvador has purchased, the country now holds 5,750 BTC worth roughly $354 million at current prices.
Interestingly, El Salvador’s Bitcoin Office revealed that several crypto mining entities, including Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool, joined the resources to win a reward for creating a blockchain that verified Bitcoin transactions validated by the geothermal power plant in the last three years.
El Salvador’s Bitcoin Bet Pays Off
El Salvador has come a long way after becoming the first country to adopt Bitcoin as legal tender in 2021. From using renewable energy sources for mining to launching Bitcoin bonds and offering a citizenship-by-Bitcoin-investment program.
In mid-March, El Salvador’s Bitcoin HODL strategy paid off, with BTC rallying above $70,000. The country began accumulating the digital asset in 2021 and announced in November of the following year that it would buy one BTC every day. Bitcoin’s value hovered around $16,000 at the time of the announcement; however, the asset was worth roughly $63,000 at the time of writing.
CryptoPotato reported that the country’s stash saw a 55% return on investment, registering unrealized gains of about $66 million. Notably, the profits did not account for the nation’s total Bitcoin holdings, as there were assets received through additional revenue streams unknown to the public.
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